O-I Glass (NYSE:OI) Sets New 52-Week Low - Time to Sell?

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $10.03 and last traded at $10.04, with a volume of 774374 shares changing hands. The stock had previously closed at $10.38.

Analyst Ratings Changes

A number of brokerages have commented on OI. Barclays reduced their price target on O-I Glass from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Citigroup increased their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. StockNews.com raised shares of O-I Glass from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Bank of America upgraded shares of O-I Glass from a "neutral" rating to a "buy" rating and upped their price target for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Finally, Royal Bank of Canada decreased their price objective on shares of O-I Glass from $18.00 to $16.00 and set an "outperform" rating on the stock in a research report on Friday, November 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.25.

O-I Glass Price Performance

The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The firm's fifty day moving average price is $12.34 and its 200 day moving average price is $12.10. The stock has a market cap of $1.54 billion, a PE ratio of -3.61 and a beta of 1.20.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.76 billion. During the same quarter in the previous year, the firm earned $0.80 EPS. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, equities analysts expect that O-I Glass, Inc. will post 0.76 EPS for the current fiscal year.

Institutional Trading of O-I Glass

Hedge funds have recently modified their holdings of the company. Highland Peak Capital LLC bought a new stake in O-I Glass in the third quarter worth $27,132,000. Maverick Capital Ltd. purchased a new position in shares of O-I Glass in the 3rd quarter worth $1,264,000. Segall Bryant & Hamill LLC bought a new stake in shares of O-I Glass in the 3rd quarter worth about $32,350,000. Allspring Global Investments Holdings LLC increased its holdings in shares of O-I Glass by 33.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company's stock worth $2,264,000 after buying an additional 43,724 shares during the last quarter. Finally, Private Management Group Inc. raised its position in shares of O-I Glass by 21.3% during the 2nd quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company's stock valued at $27,884,000 after buying an additional 439,838 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

About O-I Glass

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.